Fred Clough arrived at Southwark crown court yesterday to give evidence against his former Versailles boss, Carl Cushnie
Fred Clough, the former finance director of collapsed FTSE 250 company Versailles Group, yesterday told a court how he had lied to the firm's banks every month, grossly overstating the size of debts owed to the business.
"The real debtors were probably only 20% of the debtors that I was showing [the banks]," he told a jury at Southwark crown court.
Clough was speaking as the central witness in the case against his former boss Carl Cushnie, who founded Versailles in 1992 and floated a minority stake three years later. The business reached a market capitalisation of Ј630m in 1999 before collapsing, owing its banks more than Ј70m.
